OUR TERMS OF BUSINESS AND COMMITMENT TO YOU

Transcription

1 OUR TERMS OF BUSINESS AND COMMITMENT TO YOU CONTENTS Page 2 Page 3 Page 4 5 Page 6 7 Page 8 12 The Keys Difference Mortgage Process Service Level Agreement Fees and Costs Client Agreement Keys (UK) Limited 24 Skipworth Road Coventry CV3 2XA FCA No:

2 THE KEYS DIFFERENCE Single Access Solution We can service all your property finance needs; residential, buy to let, second charge loans, commercial, bridging and development finance. Worldwide It doesn t matter where you are we can offer you our full mortgage and insurance service. We can also provide conference call facilities. Remote Service We can handle everything by phone, and post. All documents are returned to you at our cost by recorded or special delivery. Homebuyers Insurance Optional homebuyer s insurance on residential property purchases (excludes properties that require major refurbishment). Ask your adviser for details. DIPs in 48 hours We aim to provide a Decision in Principle within 48 hours of receiving all the required documentation (subject to the lender). Fixed Fees Fixed fees for all loan and mortgage types so you know exactly what you re paying and when. No Upfront Fees No fees payable until we have sourced you an appropriate product and submitted your full application. Lifetime Fees No further fees payable on remortgages, further advances or product transfers on the same property. Credit Card Payment Pay for our services with your credit or debit card you can even use AmEx and collect your miles! Electronic Invoicing Invoices ed to you upon request ensuring you have all you need for those vital tax returns. Electronic Signatures Online signing of our documents using electronic signature software using your PC, tablet or smart phone. 2

3 MORTGAGE PROCESS INITIAL ENQUIRY DATA CAPTURE Initial telephone or consultation to determine your needs and assess if we can assist. We will you our data capture forms, terms of business and fee agreement. RESEARCH & RECOMMENDATION DECISION IN PRINCIPLE Our extensive tools and lender knowledge will identify the best options to meet your requirements. Once a suitable product has been selected we will seek to obtain a decision in principle. APPLICATION Once you have provided card details for any fees we will submit your application. Initial fee due. PROCESSING While we await the valuation we will request and process the rest of your information. OFFER Subject to receiving all of the required information your offer will be issued. Final fee due. 3

4 SERVICE LEVEL AGREEMENT You do not have to attend our offices; we operate remotely and everything can be transacted by post, phone and . You can complete our documentation at your leisure. We estimate our documentation will take approximately 2 hours to complete depending upon how organised your own financial and personal information is. Please note beyond the initial enquiry discussions, we will not undertake any further work, research or process applications until all the documentation we request is received. We will collate all of your information and we will then complete any lender application forms on your behalf. As such you should only need to provide the information to us once. Subsequent applications may require updated bank statements, proofs of address, income etc. and if your details change you will also need to notify us. We have developed a two stage documentation process to enable a combination of meeting our regulatory requirements and processing your mortgage in the fastest time possible. Stage One: The initial information and documentation that we require can all be scanned and ed to enable us to carry out our research, recommendation, obtain a decision in principle and submit your application. We will typically you an outline of our recommendations or discuss these by phone. Decisions in principle can usually be obtained online the same or next day, subject to the lender. We aim to get you a decision in principle within 48 hours of receiving all the required information. Applications can usually be submitted within 48 hours of receiving card details to pay for fees and any other information required for the application. You will need to provide us with your credit or debit card details by post, fax or preferably phone to pay for any lender fees such as application or valuation fees. We can also take our fees by credit or debit card and we even take AmEx! Stage Two: Once the application has been submitted and while we await the valuation we will ask you to process the remainder of the documentation which can be posted and/or ed. We will ask you to post us any documents to verify your identity (usually passport or driving licence) and proof of address. Plus, proof of income and deposit and any other documents we, or the lender, may require. Alternatively, these items can be certified by an appropriate third party and scanned or posted to us. We will post any items back to you at our cost; most items will be posted recorded delivery and passports, driving licences and certificates will be posted special delivery. Most offers are issued within 1 3 weeks however this varies by lender and a number of other factors. In particular offers will be delayed if additional information requested by us or the lender is not forthcoming promptly. 4

5 We will provide you with a Suitability Report outlining any recommendations we have made and services we have provided. We will also include useful information to guide you on risks, warnings and further considerations you should make as part of your new financial arrangements. We will provide you with fee agreements and/or invoices for all fees that we have charged you for our services. We cannot however provide you with an invoice for fees the lender or provider has charged you but these are usually detailed in your Key Facts Illustration and/or offer documentation. Ongoing Service We aim to service your future needs in the following ways: Future mortgage applications. Notification of product expiries. Processing of further advances and product transfers. We will arrange any future mortgages, product transfers and further advances on the same property for no fee as long as a commission is paid by the lender. Where no commission is paid a fee will be agreed in writing before commencing any work. Referral to appropriate advisers for your insurance needs and other requirements such as pensions, wills and trusts and tax advice. Information about, and access to, new and exclusive products and services. 5

6 FEES AND COSTS Insurance We do not charge a fee to advise upon and arrange Non Investment Life Assurance, Critical Illness Cover, Mortgage Payment or Income Protection, Home Insurance, Property Insurance or Landlords Insurance. Residential and Buy to Let Mortgages For advising and arranging a Residential or Buy to Let mortgage we typically charge a fee of 695; 195 is payable upon the full mortgage application and 500 is payable upon the issue of the mortgage offer. Let to Buy Package For advising and arranging a Let to Buy mortgage on your current home and a Residential mortgage for your new home we will charge a fee of 995; 195 is payable upon the full mortgage application and 800 is payable upon the issue of both mortgage offers. Commercial Loans and Mortgages For advising and arranging a Commercial loan or mortgage we typically charge a fee of 1,495; 495 is payable upon the full application and 1,000 is payable upon the issue of the loan or mortgage offer. Development Finance For advising and arranging Development finance we typically charge a fee of 2,495; 495 is payable upon the full application and 2,000 is payable upon the issue of the offer. Bridging Loans For advising and arranging a bridging loan we typically charge a fee of 1,495; 495 is payable upon full application and 1,000 is payable upon completion or 28 days whichever is the sooner. Where we arrange a bridging loan or development finance and subsequent term loan or remortgage for the same property we will only make the one initial charge. Second Charge Loans For advising and arranging a secured loan we typically charge a fee of 995; 195 is payable upon application and 800 is payable upon completion or 28 days whichever is the sooner. Fee Summary Product Fee payable Upon Application Fee Payable Upon Issue of the Offer Residential Mortgage Buy to Let Mortgage Let to Buy Package Commercial Loan 495 1,000 1,495 Development Finance 495 2,000 2,495 Bridging Loan 495 1,000 1,495 Second Charge Loan Total Fees Payable 6

7 General For more complex cases and portfolio or multiple loan and mortgage arrangements we may charge a different fee arrangement (higher or lower) and this will be agreed in writing beforehand. We typically receive commissions from lenders with whom we place mortgages and loans and do not refund these commissions to clients. We always source a mortgage to fit our client s requirements and not by any fees that the lender may pay us. We do not usually make any charge if we cannot source you a mortgage or loan unless previously agreed in writing and will refund any fees paid in this case, unless agreed otherwise. We will arrange future mortgages, further advances and product transfers on the same property for no further fees as long as a commission is payable by the lender. If a commission isn t paid by the lender a fee may be charged by mutual agreement and will always be agreed in writing beforehand. The fees stated in the fee agreement are charged by Keys (UK) Limited and not the lender, and is incremental of any fees/charges by the lender. Non Completion Fees If you have been provided with a decision in principle, mortgage illustration or heads of terms and you do not complete on the mortgage, choose to use another broker or approach the lender directly the full fees as stated in the fee agreement are still due. Late Payment In the event of late payment of the fees stated in the fee agreement we reserve the right to charge the client interest in respect of any sum due under this agreement at a rate of 2% per annum above the base rate of a high street bank from the due date. We also reserve the right to charge any fees incurred in recovering monies owed to us. Referral Fees We may receive a fee for introducing you as a client for other services. We will only ever introduce you to a third party with your express permission to do so. Payments Lender fees such as product booking fees and valuations are usually made online using your credit or debit card. Payments must be made in the name of one of the applicants. Some lenders or valuation panels charge a fee for credit cards. We will always try to inform you where this is the case if we are aware. You can pay our fees using your credit or debit card; we take Visa, MasterCard, Visa Debit and we also take American Express. You can also pay for our services by BACS, Pingit and PayPal; please ask us for details if these methods of payment are preferred. We comply and attest to the recommendations set out by the Payment Card Industry Data Security Standards (PCI DSS) 7

8 CLIENT AGREEMENT Commencement This is our standard Client Agreement upon which we intend to rely. For your own benefit and protection, you should read these terms carefully before agreeing to them. If you do not understand any point please ask for further information This Client Agreement will come into effect immediately from the date the document was sent to you. Exclusivity We work with the majority of clients on an exclusive basis; this is to ensure that you do not damage your credit profile or our mutual relationship with lenders by using multiple advisers. In addition, we can serve you better by attending to all your finance requirements holistically. When you appoint us as your adviser we will continue to act for you in good faith on the basis that you will not be using the services of any other advisers. You should inform us immediately if you do so and we reserve the right to terminate our relationship with you as a result. There are exceptions to this such as bridging and development finance, however please do inform us if your intention is to continue to use the services of another adviser as well as ourselves. Our Services We are authorised and regulated by the Financial Conduct Authority (FCA) under reference on The Financial Services Register The FCA is the independent regulator of financial services in the United Kingdom. We offer a comprehensive range of mortgages and secured loans from across the market. We do not advise on or offer mortgages or loans that you can only obtain by going direct to a lender. We offer products from a range of insurers for Building and Contents Insurance, Accident Sickness and Unemployment Insurance, Life Assurance, Critical Illness Cover, Income Protection, and Private Medical Insurance via our specialist insurance adviser. We will act on your behalf for the purposes of arranging and advising on mortgages, pure protection and general insurance. We will at all times act on your behalf and not on behalf of any specific lender or provider. We may also advise on products and services which are not regulated by the Financial Conduct Authority. We will tell you where this is the case. Most forms of Buy to Let and Commercial mortgages are not regulated by the Financial Conduct Authority (FCA). This means that you may not be able to make complaints about this type of mortgage to the Financial Ombudsman Service. Redress is unlikely therefore through the Financial Services Compensation Scheme if you have a complaint. Please read the FCA fact sheet on Buy to Let we have also provided in the appendix to this document for full details. Unless agreed otherwise in writing we will not be obliged to review in the future any product or policy that we have arranged for you. 8

9 What we don t do Execution only business; all business will be on a fully advised basis only. We will not transact business where our advice is ignored. Arrange bridging finance with no clear exit strategy or a lack of appropriate income or experience for any exit finance. Purchases under 40,000. Commission only mortgage or loan business. Any form of self certification mortgage; in all cases we require evidence of income. Applications where the deposit source is not clear or comes from an unrelated third party; in all cases we will require evidence of deposit. We will not ever discriminate for any other reason such as disability, gender, race, religion, nationality, age or sexual orientation. How we charge for our services We charge for our services by way of a fixed fee, which will be agreed with you before we carry out any chargeable work. Additionally, we are usually paid commission on products we arrange. We will inform you how much commission we receive. We will provide you with further details about the cost of our services separately by way of a fee agreement and an invoice for our services upon request. Our standard fees are also featured earlier in this document. Financial services do not usually incur VAT however we will tell you if you have to pay VAT. It is possible that other costs, including taxes (e.g. stamp duty) related to the business we arrange, may arise. These costs will not be paid by our firm but borne by you. If we arrange for you a contract from which we receive initial commission and subsequently you cease to pay premiums which results in us refunding the commission which has been paid to us, we reserve the right to recover from you an amount equal to the amount we have had to refund without the need for a separate fee agreement. The amount recoverable and the timeframe over which it is recoverable are dependent on the product chosen. Further details of the amount and timeframe will be notified to you prior to the conclusion of the contract in the Suitability Report or Statement of Demands and Needs Letter we will send you. This will not apply where you exercise your statutory right to cancel the contract. Your Protection We prefer instructions to be in writing; if instructions are given orally they should also be confirmed in writing. We may refuse at our discretion to accept certain instructions, although such discretion will not be exercised unreasonably. Except in respect to settlement of our invoices for agreed fees, cheques should be made payable to the product providers only. We do not accept cash payments nor do we hold client money. We will normally register all products and/or investments in your name unless otherwise instructed in writing. In certain circumstances products may be registered in the name of a nominee company, for ease of administration, although you will remain the beneficial owner of those products. 9

10 If we become aware that our interests, or those of another client, conflicts with your interests, we will inform you in writing and obtain your consent prior to proceeding with your instructions. Risk Warnings We will communicate appropriate risk warnings prior to providing products or services. These are for your benefit as you should understand any risks before making an investment. Data Protection Keys (UK) Limited is registered with the Data Protection Agency No. Z Your privacy is important to us. Our clients are our business, and their trust, are core to our business. It is for that reason that we are committed to protecting your privacy and any information you provide to us. Collection of Data We need to gather personal and financial information about you and the interactions you have with us in order to provide you with products and services. This includes information obtained from you or third parties, such as employers and credit reference agencies, fraud prevention agencies or other organisations. We may also collect information about you that is publicly available from public registers, social media or made available by third parties. This may include sensitive information about racial or ethnic group, physical or mental health, sexual life, criminal proceedings and offences. We also record our calls for regulatory, compliance and training purposes. Call recording is paused when providing card details by phone in line with Payment Card Industry Data Security Standards (PCI DSS). Security We use secure systems and databases for storing your information. We train and remind our staff of their obligations with regard to your information. We only keep information for as long as required; for example, to be able to provide ongoing services and opportunities and to meet legal and regulatory obligations and internal needs. When we interact with you on the internet through our website, apps, s and online services and mobile applications, we use a variety of tools and systems to protect against unauthorised persons and viruses accessing our systems. This may include encryption processes, passwords, firewalls, virus scanning tools and intrusion detection systems. Access You have the right to access information we hold about you. You can access a copy of these records by writing to us at: Keys (UK) Limited 24 Skipworth Road Coventry CV3 2XA We are entitled to charge a fee for this service of up to 10. If any of the information we hold is incomplete or inaccurate, please tell us and we will correct it. 10

11 Use of Data We are legally obliged to verify the identity of our customers and retain these records. We will provide your information to credit reference and identification check agencies. We will retain records after our business relationship has ended for legal and regulatory purposes. We shall disclose information to relevant authorities where we are required to do so by law. We may provide information to our regulators and their successors. Personal information will be passed to lenders, insurance providers and other financial firms in the course of providing services. In all cases we will perform identification checks including identify and address verification, company checks, employer checks and property checks. Identification and address documentation will be requested in all cases but we will not discriminate where this simply cannot be provided with a good reason for why this is. However, we cannot guarantee that the lenders will operate on the same basis. We may from time to time contact you by post, fax or e mail with details of products and services which may be of interest to you. If you would prefer NOT to receive this information, please contact us in writing and we will remove you immediately from all mailing lists or tick the appropriate box on the Acceptance of Services form you will receive. We will never sell, rent or give your details to any third parties for the purposes of marketing. If a third party contacts you, this will be as a result of us having provided your details or a provider purely for the purposes of arranging your finance or insurance and not as a result of us having provided it to the marketer. You would need to contact the provider to be removed from their mailing lists. In all cases, where possible, we will indicate on provider documentation not to contact you for the purpose of marketing. Use of Your Information for Marketing We reserve the right to use comments, endorsements, reviews, testimonials you provide to us or for the purpose of writing case studies, in our marketing and sales materials, website, blog etc. Such material would be written anonymously and we would only use identifying details with your express written permission and approval of the content. Complaints and Compensation If you wish to make a complaint, please contact us in writing: Keys (UK) Limited 24 Skipworth Road Coventry CV3 2XA Our written complaints procedure is available upon request. If we cannot settle your complaint, you may be entitled to refer it to the Financial Ombudsman Service (FOS). Further information about the FOS is available from their website ombudsman.org.uk If we cannot meet our obligations, you may be entitled to compensation from the Financial Services Compensation Scheme. 11

12 This depends on the type of business and the circumstances of the claim. Advising and arranging on non compulsory classes of insurance is covered for 90% of the claim, without any upper limit. Advising and arranging on compulsory classes of insurance (e.g. motor or employer s liability insurance) is covered for 100% of the claim, without any upper limit. Advising and arranging on mortgages, home purchase and equity release is covered up to a maximum limit of 50,000. Further information about the FSCS is available from their website Termination of Our Services Should you wish to terminate the relationship with us you must notify us in writing. You can do this by , post or by completing our Termination of Services form which you can request from us. We reserve the right to charge you for any services we have provided that have not been paid for at the point of termination. Rights of Third Parties These terms of business exclude any rights which may be conferred upon third parties by the Contracts (Rights of Third Parties) Act Jurisdiction This agreement is governed by English Law and the parties to this agreement hereby submit to the exclusive jurisdiction of the English Courts. 12